Cascade Financial Announces Results of Annual Meeting
23 Juni 2010 - 2:00PM
Cascade Financial Corporation (Nasdaq:CASB), parent company of
Cascade Bank, today announced that shareholders approved all
proposals and supported all nominated directors at its 2010 Annual
Meeting held yesterday in Everett, WA. Among the proposals
shareholders approved was an increase in Cascade's authorized
common stock from 25 million shares to 65 million shares.
The following directors were elected at the meeting: Richard L.
Anderson, C.P.A., Marion R. Foote, Janice E. Halladay, Thomas H.
Rainville and Craig G. Skotdal.
"We are pleased that Cascade's shareholders agreed with the
board's recommendations and voted for all proposals and directors
at the annual meeting," said Carol K. Nelson, President and
CEO. "By voting to increase the number of authorized shares of
common stock, shareholders have provided us with greater
flexibility to raise capital in the future and demonstrated their
support of our plan to strengthen our capital position."
As of March 31, 2010, Cascade's capital ratios were above
regulatory levels for well-capitalized banks with a risk-based
capital ratio of 11.00% and a Tier 1 capital ratio of
6.75%. Cascade's tangible capital to assets ratio was 3.21% at
quarter-end.
About Cascade Financial
Established in 1916, Cascade Bank, the only operating subsidiary
of Cascade Financial Corporation, is a state chartered commercial
bank headquartered in Everett, Washington. Cascade Bank
maintains an "Outstanding" CRA rating and has proudly served the
Puget Sound region for over 90 years and operates 22 full service
branches in Everett, Lynnwood, Marysville, Mukilteo, Shoreline,
Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens,
Bellevue, Snohomish, North Bend, Burlington and Edmonds.
In October 2009, Cascade Bank was named Favorite Snohomish
County Company in the fourth annual NW.Jobs.com People's Picks
awards. In June 2009, Cascade was ranked #55 on the Seattle
Times' Northwest 100 list of public companies. In April 2010,
Cascade was ranked #8 on the Puget Sound Business Journal's list of
largest bank companies headquartered in the Puget Sound area.
CONTACT: Cascade Bank
Investor Contacts:
Carol K. Nelson, CEO
Rob Disotell, CCO
425.339.5500
www.cascadebank.com
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